UAE Exchange targets 6 billion USD remittance business

Nitte, Karnataka, Aug 20 (UNI) The UAE Exchange of Abu Dhabi, which has garnered a total remittance business of 2.76 billion US Dollars, including Rs 11,867 crore remittances to India last year, has targeted to achieve six billion US Dollar remittance business during the current year.

Addressing MBA students at the Justice K S Hegde Institute of Management (JKSHIM) here, UAE Exchange, Chief Operating Officer (COO) Sudhir Kumar Shetty said the exchange had 58 per cent of the market share of the money remittance business in UAE. It was also the member of Society for World-wide International Fund Transfer (SWIFT).

The UAE Exchange Company, which was on the verge of collapse, was bounced back in 1991, becoming one of the top exchange companies among 114 exchange companies in UAE. At present, the company had its presence in 78 countries functioning from 24,000 locations, he said.

He said the company had 209 branches in India besides 369 branches with 6,000 employees in UAE. The company was serving over 52,000 customers everyday in UAE. The company was linked with many financial institutions in several countries for its brand product 'Xpress money'.

Big Bazaar Regional Manager (South Region) Sujanya said the retail industry in India would become the second biggest industry after agriculture, providing ample employment opportunities with several major players like Hero Honda, Bharathi, Mahindra and Reliance entering into the field.

UNI